Algonquin Power & Utilities Corp. Stock Forecast
Weaker technical forecast for Algonquin Power & Utilities Corp. as stock downgraded to Hold/Accumulate.
(Updated on Apr 24, 2024)
The Algonquin Power & Utilities Corp. stock price gained 0.595% on the last trading day (Wednesday, 24th Apr 2024), rising from $8.41 to $8.46. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.97% from a day low at $8.36 to a day high of $8.53. The price has risen in 7 of the last 10 days and is up by 1.68% over the past 2 weeks. Volume fell on the last day by -440 thousand shares and in total, 1 million shares were bought and sold for approximately $11.23 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 5.14% during the next 3 months and, with a 90% probability hold a price between $8.29 and $9.33 at the end of this 3-month period.
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AQN.TO Signals & Forecast
The Algonquin Power & Utilities Corp. stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $8.17 and $8.28. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 16, 2024, and so far it has risen 7.91%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Algonquin Power & Utilities Corp. stock
Algonquin Power & Utilities Corp. finds support from accumulated volume at $8.15 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.165 (1.97%) between high and low. For the last week, the stock has had daily average volatility of 2.45%.
Since the Algonquin Power & Utilities Corp. has been rising for 6 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.
Our recommended stop-loss: $8.17 (-3.46%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (AQN.TO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Algonquin Power & Utilities Corp. to open at $8.45, and during the day (based on 14 day Average True Range), to move between $8.25 and $8.67, which gives a possible trading interval of +/-$0.213 (+/-2.52%) up or down from last closing price. If Algonquin Power & Utilities Corp. takes out the full calculated possible swing range there will be an estimated 5.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.47 (0.12%) than the support at $8.15 (3.66%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Algonquin Power & Utilities Corp. stock A Buy?
Algonquin Power & Utilities Corp. holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.447 Hold/Accumulate Downgraded
Predicted Opening Price for Algonquin Power & Utilities Corp. of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $8.45 ( 0.138%) | $8.46 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AQN.TO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.61 | 1.81 % | |
| R2 | 8.55 | 1.07 % | ||
| R1 | 8.51 | 0.607 % | ||
| Current price: | 8.46 | |||
| Support | S1 | 8.39 | -0.88 % | |
| S2 | 8.35 | -1.34 % | ||
| S3 | 8.28 | -2.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.66 | 2.36 % | |
| R2 | 8.64 | 2.13 % | ||
| R1 | 8.47 | 0.118 % | ||
| Current price | 8.46 | |||
| Support | S1 | 8.15 | -3.66% | |
| S2 | 7.93 | -6.26% | ||
| S3 | 7.90 | -6.62% |
AQN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 08, 2024 | Mar 27, 2024 | Apr 15, 2024 | $0.146 | 1.83% |
| 2 | Nov 10, 2023 | Dec 28, 2023 | Jan 15, 2024 | $0.300 | 3.47% |
| 3 | Aug 10, 2023 | Sep 27, 2023 | Oct 13, 2023 | $0.144 | 1.84% |
| 4 | May 11, 2023 | Jun 29, 2023 | Jul 14, 2023 | $0.144 | 1.34% |
| 5 | Mar 17, 2023 | Mar 30, 2023 | Apr 14, 2023 | $0.147 | 1.27% |
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